cryptodailytrading.com

Whales Waking Up: $1bln in BTC moved over 12 Hours — What’s the Plan?

  • Darryn Pollock
    📈 Price Predictions

    Whales still have a big say in the way Bitcoin moves. So, with a couple major transactions being noted, what is happening behind the scenes?


Whales Waking Up: $1bln in BTC moved over 12 Hours — What’s the Plan?
You may also like:

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

The very nature of Bitcoin transactions means that all of them can be seen thanks to transparency, but they are also anonymous. Because of this, some major transactions from long dormant accounts have been spotted on Twitter, totaling over $1 billion.

Four of the biggest Bitcoin wallets have shifted this grand amount of money, and over a 12 hour period, leaving many wondering what could be going on. Most of these wallets have been inactive for years as well, which adds more mystery to the moves.


With such big moves happening, and such a low point in Bitcoin’s market, there could be real fear of capitulation and a potentially massive dump coming, but the actions of these transactions probably point to something else.

There appears to be some housekeeping going on by a big Hodlr, as the funds were divided up into 100 wallets in one instance. Another thought is that the move was to take advantage of the low fees to move the Bitcoin into Segwit wallets, as they were in legacy wallets before.

Four big moves

The first money move came from the highly monitored 9th biggest Bitcoin wallet. It has been dormant for four years and sprung to life as 66,000+ BTC (worth over $260 mln) was moved to another location.

Following that, the 10th biggest wallet by Bitcoin volume moved a similar amount, and then the 11th biggest wallet emulated the move. These actions continued with another wallet worth approximately half of the first two (ranked at #30), also on the move, moving 32,957 BTC, followed finally by another newer wallet previously ranked #36 moving another 31,269 BTC.

This total movement over the 12 hours saw 263,294 bitcoins shift at a value of just over $1 bln

What’s the plan?

These movements of course could cause some concern, but the following actions taken by the Whale seems to suggest it is more a case of housekeeping and preparation.

After the second move of the cache of Bitcoins, it was discovered that the coins had immediately been subdivided into smaller equally valued caches in sub-wallets after being transferred. Thus, the initial transfer was split into 99 wallets each containing 662.52BTC with the 100th containing a rounded 200BTC.

Following that, the other two large moves also followed a similar pattern as the Bitcoin were divvied out into smaller chunks across multiple wallets. It thus seemed indicative that the coins were being brought out of cold storage and being prepared to be traded, should the desire rise.

Of course, the move also took the Bitcoin from legacy wallets to Segwit, and as such, was an easy and cheap time to make the transfers as the transaction cost for Bitcoin is extremely low at the moment.

Sit and wait

It remains to be seen if these coins will be returned to cold storage, or even go dormant again if the Whale was to decide to continue holding on to his fortune, or if this preparation of the coins is a readying to dump a lot of BTC back into the market.

If they were to be dumped, it would have a huge effect on the price of Bitcoin and the entire cryptocurrency market, as the flooding would cause a huge spike in supply and probably negatively affect the price of the digital currency further.

Cover image via u.today
The fastest way to get crypto news is to follow our Twitter. You won’t miss a thing! Subscribe.
👓 Recommended articles

Pump or Dump? BTC Price Analysis Is Interpreted in Two Opposite Versions


Pump or Dump? BTC Price Analysis Is Interpreted in Two Opposite Versions
You may also like:

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

One of the most extravagant crypto traders on YouTube, Crypto Kirby Trading, has come up with his own observation of Bitcoin price predictions and technical analysis. His notes give us a hint that there are two ways for BTC to go. What are they? Watch this YouTube video and check out which BTC price theories the trader has.

Head & Shoulders pattern – a bullish sign

Head & Shoulders bearish pattern cannot stay unnoticed – we can see it forming from the beginning of April until now. However, the right shoulder hasn’t formed yet, so the pattern should be confirmed – don’t rush to make conclusions.


What happened recently when BTC fell into the abyss? According to Crypto Kirby Trading, it was resistance short. Shorts got a little bit high, and they squeezed it. In fact, the recent squeeze didn’t bring us anywhere – it’s like nothing happened.

At the moment, BTC goes sideways and sees resistance. Judging by H&S pattern, the volume peak has been reached, and now we are under resistance line in the right shoulder. If BTC’s price suddenly goes up, the pattern will be invalidated.

👉MUST READ Islamic Extremists Call Bitcoin One of the Most Important Inventions
Islamic Extremists Call Bitcoin One of the Most Important Inventions

Pattern within a pattern

Which pattern has been taken by BTC? It depends on how you look at it! What do we have here?

Descending triangle pattern or an ascending triangle (a little bit longer term)? Both are possible!

There has been lot of speculation about these patterns – that’s the problem. So, we have two different triangles and H&S, three patterns at the same time. If the H&S or descending triangle get validated – BTC is expected to go down to $5,000 and further into the abyss.

Take a look at the chart. We are still trading below the key resistance in the red box, and the rest of indicators still look bearish. We haven’t been trading so low since February 2018! That’s why it’s hard to believe that we will pump.

According to Crypto Kirby Trading, the $6,000 resistance might be very hard to beat – the hardest in BTC history. Very unlikely that it will happen in the nearest time, but who knows?

So, what should happen?

Crypto Kirby Trading  reckons that the possible $4,500-$4,300 would be a better bottom to buy BTC even than at the winter level. However, you should be very attentive. We are testing the November 2018 levels, and it’s important to make proper adjustments here.

Currently, the volume has been higher than in the previous months, but it’s not promising – it seems to be declining gradually. If we go down, we will reach consolidation to resistance.

👉MUST READ Forbes: Trump’s Potential Remittance Tax Can Strengthen Bitcoin Adoption
Forbes: Trump’s Potential Remittance Tax Can Strengthen Bitcoin Adoption

What should happen for a dump?

If we move sideways without touching resistance, expect a bearish period, and we’ll continue adjusting the triangle pattern until it breaks. Confirmation of patterns is required – don’t rush to make conclusions yet.

One more thing signifying a possible dump is the Fear & Greed Index – 61, which means we can fall as it always occurs when we get greedy and want to squeeze maximum profit from the market.

What should happen for a pump?

For pump, we should break the red box ($5,750). We should test the top of the box as well as the H&S and reach new volume – we want this boom to happen and bring us to the top, don’t we? If that happens, opportunities can get insane because the bulls vs bears battle will be epic. We might get through $6,000-$7,000, but of course not without failing the first attempts to scratch the top – it always happens this way.

Cover image via
The fastest way to get crypto news is to follow our Twitter. You won’t miss a thing! Subscribe.
👓 Recommended articles
Please enter a valid e-mail
Successfully completed